Simon Cowell has released more details about the upcoming US X Factor, but failed to confirm the judging panel.

The internet was buzzing all day in anticipation of his much hyped announcement, with many fans hoping the reality show boss would finally end speculation about who would join him.

But Cowell did not even hint at who would appear when the show debuts in the autumn, much less confirm Cheryl Cole would feature.

The music supremo did reveal some new information though, confirming anyone aged 12-years and over can enter. It was also the first time he had spoken about the prize on offer.

"If you win this comeptition, I'm going to put my money where my mouth is, it's a $5million recording contract. That means the winner walks away with $5million guaranteed," Cowell said.

"Win this compeition, it'll change your life forever."